Republicans need a net gain of just one seat in the 2022 midterm election in the United States to win the Senate, as the Bellwether States see a very close call.
In the race for a US Senate seat in Iowa, Republican incumbent Grassley defeated Democratic challenger Franken.
In Missouri, Republican Eric Schmitt defeats Democrat Trudy Busch Valentine for the Republican-held Senate seat.
According to Edison Research Projection, Republicans have gained a net five US House seats previously held by Democrats, with 191 of 435 races still undecided.
Republican Governor Kemp wins re-election in Georgia, per NBC News.
Update:
Democrat Maggie Hassan wins re-election to the Senate in New Hampshire, NBC News projects.
Republican JD Vance wins the Senate race in Ohio, defeating Democrat Tim Ryan.
According to CNN projections, Tom Kean Jr. defeats Tom Malinowski in a key swing House district in NJ, CNN projects.
Democrat Vicente Gonzalez defeats Mayra Flores in Texas.
John Fetterman wins the hotly contested Pennsylvania Senate race, defeating Dr. Mehmet Oz.
Market reaction
Despite increasing odds of a Republican hold in Congress, the US Dollar Index is catching a fresh bid while rebounding from daily lows. The gauge is trading at 109.70, up 0.06% on the day. Meanwhile, risk sentiment seems to have taken a hit, reflective of the 0.20% drop in the US S&P 500 futures.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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